AUD/JPY 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY has just confirmed the broadening falling wedge pattern, as the resistance at 90.60 failed to stop bulls from pushing the Australian Dollar higher. The rate is now testing the weekly S1 at 91.36, and gains are expected to be solid in case of consolidation above this mark. The bullish outlook is also supported by the short and medium-term technical indicators, as well as the vast majority (73%) of SWFX market participants. However, sustainability of the positive correction can be at risk around 92.23, where daily R2 coincides with the 200-hour SMA. Therefore, daily studies are already pointing downwards, questioning reliability of the present rebound.

© Dukascopy Bank SA
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Fri, 10 Jul 2015 14:50:06 GMT

EUR/GBP 4H Chart: Channel Down

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Fri, 10 Jul 2015 06:30:09 GMT

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